"All of the hard work and difficult decisions by the budget commission and city officials have been recognized by the national rating agency with this extraordinary upgrade," Governor Chafee said in congratulating the city.

Chafee acknowledged gratitude to Michael O'Keefe; Diane Brennan; Steve Bannon; Council President and Mayor James Briden; City Manager Peter Grazykowski; city staff, and Director Gallogly and Department of Revenue staff for all their dedication and determination to ensure a successful outcome."

Mayor James Briden noted: "The City of East Providence now has an investment grade credit rating. This is a great day for our City and our taxpayers. This should create significant savings in future borrowing costs for the city."